基于可持续发展的股利决策:现金股利与股票回购

Choice of Dividend Mode by Sustainable Development:Cash Dividend or Stock Repurchase

股利政策是影响企业可持续发展的重要因素。作为股利支付的两种重要方式,企业在可持续发展过程中如何实现现金股利与股票回购呢?在现实经济中,资本市场是不完善的,由于受到税收、信息不对称等因素的影响,现金股利与股票回购对公司及股东的影响是不同的,公司在决策时既要考虑法律制度的限制,又要考虑公司财务状况,还应充分考虑股东的需求、税收、信号、财务战略等问题。

Abstract： Dividend policy is an important influential factor of enterprise sustainable development. How to choice of cash dividend and stock repurchase during the realization of the sustainable development？ In practical, capital market is not consummate. Cash dividend and stock repurchase exerts different influence because of revenue and information asymmetry etc. Thus, when making decisions on stock repurchase and cash dividend, we should not only consider law limitations and corporate finance, but also take revenue, signaling, financial strategies and stockholders＇ requirements into account.